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More About This Title Six Steps to Creating Profit: A Guide for Small and Mid-Sized Service-Based Businesses
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An insightful look at how you can put net profit income at the forefront of your small to mid-sized business
Enable you to make changes that will create a profitable, sustainable business future, Six Steps to Creating Profit authoritatively shows you how to maximize profit for your small to mid-sized, privately-held, service-based business.
- Shows how to avoid the business model where all income is devoured by expenses, leaving a valuation that would not render any measurable sales revenue if the business should be sold
- Discusses how to create a company where actual profit generation is one of the primary goals
- Provides the steps necessary to create "true" profit
- Features coverage of rules of operation, visibility in the marketplace, marketing, cash flow, and management costs
Demonstrating how measuring the results of change is vital and part of the ultimate, ongoing, profit-based solution, Six Steps to Creating Profit reveals how the before and after of each operational area is as important to evaluate as the intended change itself.
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Preface xi
Acknowledgments xv
Introduction 1
Chapter 1 Changing the Rules of Operation 7
Increasing Sales 9
Cross-Selling 9
Relationship Selling 10
Vertical versus Horizontal Selling 11
Expanding Your Market 12
Using Loss Leaders 14
Brand Extensions 15
Replacing Yesterday's Stale
Successes with Today's Winners 16
Decreasing Expenses 17
The Office 17
Cost of Goods 19
The Workforce 20
Streamlining Administration 21
Computerizing 22
Outsourcing 25
Standardizing 26
Revamping 28
In Summary 29
Chapter 2 Staying Visible and Connected 31
Increasing Credentials 33
The Basics 34
Awards 37
Employee Recognition 38
Growing Affiliations 40
Traditional Associations 41
Strategic Alliances 42
New Tactics 44
In Summary 45
Chapter 3 Maximizing Cash Flow 47
Keeping the Cash Flowing 49
Retainer Plans 49
Maintenance Contracts 52
Working with the Calendar 53
Managing the Workload 54
Scheduling Vendor and
Cross-Selling Income 55
Credit Planning 57
Knowing Your Budget 58
Including All Possible Income 59
Including All Known Expenses 60
Working to the Bottom Line 62
Job Costing 62
Time and Billing 65
In Summary 66
Chapter 4 Streamlining Management Costs 69
Changing the Back-Office Focus 71
Accurate Information for Ultimate Value 71
Guarding the Bottom Line 76
Information Sharing 78
Managing for Profit 81
Fixed Pricing 82
Hourly Billing 83
In Summary 85
Chapter 5 Raising the Marketing Bar 87
Networking 89
Online Networks 89
Blogs 90
News Columns 91
Web Conferencing 93
Forums 94
Webcasts and Podcasts 95
Covering All Bases 96
Laying the Groundwork 97
Blatant Advertising 98
Subtle Message Spreaders 101
Referrals 102
Direct Contacts 103
Strategizing 105
Starting at Ground Zero 105
Measuring Your Efforts 106
In Summary 108
Chapter 6 Making Everyone a Salesperson 111
Enlisting the Troops 113
Spreading the Message 113
Breaking the Mold 115
Being Excellent 117
Creating a Mantra 120
Knowing What’s Working 120
Finding What’s Wrong 121
Making It Right 122
Joining the Club 123
In Summary 124
Conclusion 125
Appendix A: The How-To Guide to Creating Profit 131
Deciding What Changes Should Be Made 132
Step 1: Changing the Rules of Operation 132
Step 2: Staying Visible and Connected 140
Step 3: Maximizing Cash Flow 143
Step 4: Streamlining Management Costs 149
Step 5: Raising the Marketing Bar 153
Step 6: Making Everyone a Salesperson 159
Appendix B: Scheduling the Changes 163
Checklist 164
Step 1: Changing the Rules of Operation 164
Step 2: Staying Visible and Connected 169
Step 3: Maximizing Cash Flow 171
Step 4: Streamlining Management Costs 174
Step 5: Raising the Marketing Bar 178
Step 6: Making Everyone a Salesperson 182
Worksheets 184
Reevaluating Each Area Over and Over Again in the Future 185
About the Author 187
Index 188
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"...teaches you how to promote long-term growth through both economic and personal downturns by staying visible..." (Government Opportunities, May 2010)
